AirIQ Announces Changes to its Board of Directors
April 29 2011 - 8:35AM
Marketwired
AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE: IQ), a supplier
of wireless location-based services, today announced that Randall
Reynolds has resigned from the Company's Board of Directors, and
that Emmanuel Mounouchos and Mathew Wilson have been appointed as
new Board members, all effective as of April 30, 2011.
Mr. Reynolds has been a member of the AirIQ Board since June
2007, and held several positions on various committees of the Board
of AirIQ, including Chairman of the Audit Committee. "We have
appreciated Randy's support and contribution over the last four
years and wish him success in his future personal and professional
endeavours," said Don Gibbs, President and Chief Executive Officer
of AirIQ.
Emmanuel Mounouchos, Co-Chief Executive Officer and a director
of Avante Logixx Inc. and Avante Security Inc. was appointed to the
Board to replace Mr. Reynolds. Mr. Mounouchos and his affiliates
hold 1,206,012 common shares of AirIQ, representing approximately
9.23% of its issued and outstanding shares. Avante manufactures and
markets the innovative Smartboxx™ suite of products which provide
"anytime, anywhere" true two-way communication and also provides
premium executive security systems and services using its
innovative technologies.
The Board of Directors of AirIQ also increased the number of
directors of the Company from three to four persons and appointed
Mathew Wilson as a new member. Mr. Wilson is an analyst with
Pinetree Capital Ltd., a diversified investment and venture capital
firm focused on the small cap market. Pinetree holds 1,264,395
common shares of AirIQ representing approximately 9.68% of its
issued and outstanding shares.
The Board of Directors has also granted observer status on the
Board to Jeff Watts of American Telematics Corporation ("ATC"). ATC
holds 741,975 common shares of AirIQ representing approximately
5.68% of the issued and outstanding shares.
About AirIQ
AirIQ currently trades on the TSX Venture Exchange under the
symbol IQ. AirIQ's office is located in Pickering, Ontario, Canada.
The Company offers a suite of location based services that generate
recurring revenues from each device deployed. AirIQ delivers
services to two primary markets: Commercial Fleets and dealers that
service Consumer segments. AirIQ provides vehicle owners with the
ability to monitor, manage and protect their mobile assets.
Services include: instant vehicle locating, boundary notification,
automated inventory reports, maintenance reminders, security alerts
and vehicle disabling and unauthorized movement alerts. For
additional information on AirIQ or its products and services,
please visit the Company's website at www.airiq.com.
Forward-looking Statements
This news release contains forward-looking information based on
management's best estimates and the current operating environment.
These forward-looking statements are related to, but not limited
to, AirIQ's operations, anticipated financial performance, business
prospects and strategies. Forward-looking information typically
contains statements with words such as "hope", "goal",
"anticipate", "believe", "expect", "plan" or similar words
suggesting future outcomes. These statements are based upon certain
material factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking statements, including AirIQ's perception of
historical trends, current conditions and expected future
developments as well as other factors management believes are
appropriate in the circumstances. Such forward-looking statements
are as of the date which such statement is made and are subject to
a number of known and unknown risks, uncertainties and other
factors, which could cause actual results or events to differ
materially from future results expressed, anticipated or implied by
such forward-looking statements. Such factors include, but are not
limited to, changes in market and competition, technological and
competitive developments and potential downturns in economic
conditions generally. Therefore, actual outcomes may differ
materially from those expressed in such forward-looking statements.
Forward-looking statements are provided for the purpose of
providing information about management's current expectations and
plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. Other than
as may be required by law, AirIQ disclaims any intention or
obligation to update or revise any such forward-looking statements,
whether as a result of such information, future events or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: AirIQ Inc. Donald Gibbs President and Chief Executive
Officer (905) 831-6444, Ext. 4255 dgibbs@airiq.com
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